Bank of America Merrill Lynch has snagged a JPMorgan Chase prime brokerage executive to head its own foreign exchange effort for hedge funds.

Peter Klein was named global head of foreign exchange prime brokerage, the same post he held at JPMorgan. He will succeed Tony Dalton at the end of the month as Dalton takes on a senior sales role in the forex prime brokerage group.

"Peter possesses significant expertise and experience in FX sales and trading and has worked across client types as well as in electronic trading," prime brokerage chief Stuart Hendel and global short rates trading head Denis Manelski said in an internal memo. "Working closely with global FX sales and trading, Peter will be responsible for further developing our FX prime brokerage business globally and ensuring that the firm is well-placed to support our goal of becoming a leading provider of FX services, including in prime brokerage and clearing."

Prior to joining JPMorgan, Klein served as chief operation officer of a European hedge fund.